However, a decision still had to be made, and the Ethereum Foundation decided to resign themselves to following the third option, in order to cancel the hack by returning the lost funds to the original DAO investors. It should be noted that the decision was globally approved within the community of Ethereum holders.
For information, we remind you that the hard fork comes down to the point where a new Blockchain separates from an already existing one at a specific block. Of course, the new creation also has its own protocol and is therefore not backward compatible. In other words, the two versions can no longer interact with each other.
As the creation of the new crypto was carried out due to a hack, the number of blocks that were validated corresponds to that of the blocks that existed at the time of the attack, ie 1,920,000. On the other hand, being Since the project had moral agreement from the community, it was easy for it to maintain the Ethereum name.
However, those who were against the procedure, and who decided to stay on the old Blockchain, have their crypto named Ethereum Classic. All in all, they were only a fraction of the Ethereum community(check Free Ethereum).
The reason why not everyone has agreed to migrate to the new crypto basically comes down to the principles of immutability. Indeed, Ethereum was originally created with the aim of revolutionizing the financial industry. through these. Moreover, this explains the slogan of the cryptocurrency, which invites to the creation of an infinite number of applications. Therefore, the very idea of migrating to another cryptocurrency contradicts the fundamental principle of Ethereum. The main argument of these users was that the cryptocurrency would lose its deep sense of immutability if every time there is a problem, we force a hard fork. Thus, they inevitably ended up supporting the Ethereum Classic project, while the Ethereum Foundation, as well as the vast majority of users, switched to the new crypto. To sum up, we can say that what happened with this cryptocurrency is similar to the case of Bitcoin and Bitcoin Classic., even if the creation of the latter was not caused by a hack.
The future of Ethereum Classic:
As Ethereum is a decentralized cryptocurrency, it is impossible to predict with precision how its price will act in the future. The biggest developer organization is called ETCDEV. She alone can give you an idea about the future of cryptos.
To believe the statements of the developers of Ethereum Classic, it would seem that for the moment, there are only plans which are projected on the short and medium-term, and these last are based primarily on the strengthening of the security of the cryptocurrency and on the decentralized network.
In addition, the main goal of the developer organization is to get rid of the difficulty bomb by launching a Dapp SDK, new ETH code, sidechains, and a series of other optimizations.